6 Nov 2011

Stake in Metlifecare taken by AMP Capital Investors

9:23 am on 6 November 2011

AMP Capital Investors has taken a 7.7% stake in Metlifecare.

The rest home operator raised $40 million by issuing new shares and its major shareholder cut its stake from 82% to 51%, which netted Retirement Villages New Zealand $59.2 million.

Metlifecare says the money will be used to cut debt, expand its operations and resume paying dividends.